How to Track Personal Loan Application Status Online?
Personal Loans are the best funding options for people who nee . . .
Apply for Instant Loan
A personal loan of 1 lakh is a small cash loan that can be very well taken via instant personal loan app. Financial emergencies whether at work, home, or elsewhere, can be managed immediately with instant personal loans available on an urgent basis. A Personal Loan of 1 lakh is considered to be a small cash loan mainly because the amount is not huge and can be repaid easily within a year in affordable EMIs.
Small personal loans of 1 lakh are in great demand in India. The loan's unsecured nature and flexibility in choosing the repayment tenure make small loans a preferred choice of borrowers. The procedure to avail instant 1 lakh loan is easy and fast through online loan apps. It has eliminated the need for going to the bank and waiting for days to get the loan amount.Age Criteria: Your age indicates your present and future earning potential. Most individuals often lose their earning potential after retirement and become dependent on their children or pension payments. Given these presumptions, several financial institutions have established the minimum and maximum age limits of 21 and 58, respectively, for accepting personal loan applications.
Minimum Monthly Income for Salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly
Minimum Monthly Income for Self-employed: Minimum earning should be Rs.15,000 monthly, and six months’ bank statement is compulsory
Income Proof: Six months bank statement of a salaried or personal account. Your income and employment history helps the lender in assessing your repayment potential. However, the minimum income requirements change depending on the lender and the funds needed.
Credit Score: Credit score and credit history play a vital role in loan approval. Various parameters are taken into consideration by credit bureaus to calculate your credit score. A few of these include credit utilisation ratio, debt portfolio, previous and existing debt repayment pattern, etc. The lender will approve a Rs 1 lakh loan right away if you have a strong credit history and no history of defaults. However, you should review your credit report once a year to look for discrepancies and plan a strategy to address any issues hurting your credit score.
Parameters | Repayment Tenure | ||||
---|---|---|---|---|---|
One year | Two years | Three years | Four years | Five years | |
Loan Amount | Rs 1,00,000 | Rs 1,00,000 | Rs 1,00,000 | Rs 1,00,000 | Rs 1,00,000 |
Interest rate | 15% | 15% | 15% | 15% | 15% |
EMI | Rs 9026 | Rs 4,849 | Rs 3,467 | Rs 2,784 | Rs 2,379 |
Interest payable | Rs 8,310 | Rs 16,368 | Rs 24,796 | Rs 33,588 | Rs 42,740 |
Total payable | Rs 108,310 | Rs 116,368 | Rs 124,796 | Rs 133,588 | Rs 142,740 |
How can I get a loan without a salary slip?
Lenders like Hero FinCorp do not require a Salary slip or bank statement for acquiring an instant personal loan, despite the fact that these income-proof documents are necessary.
Which loan is easier?
Instant Personal Loan From HeroFinCorp App is easier to apply and has a quick disbursal process at a minimum salary required Rs 15,000.
What are the factors that can affect ₹ 1 lakh personal loan EMI?
The interest rate, loan term, and processing fee are some of the variables that can impact the EMI (Equated Monthly Installment) of a personal loan for one lakh rupees. A higher interest rate or longer loan term can increase the EMI.
Can a student get a lakh loan?
Yes, students can get a loan of ₹ 1 lakh or more for educational purposes. There are various types of loans available to students, such as education loans and Instant personal loans.
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
Subscribe to our newsletter and get exclusive deals you wont find anywhere else straight to your inbox!